TVS Infrastructure Trust Closes Rs 11 Billion NCD Programme Tranche I
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TVS Infrastructure Trust Closes Rs 11 Billion NCD Programme Tranche I

TVS Infrastructure Trust, an Infrastructure Investment Trust (InvIT) sponsored by TVS Industrial & Logistics Parks (TVS ILP), has successfully closed Tranche I of its Rs 11 billion Non-Convertible Debenture (NCD) programme, setting multiple benchmarks in India’s infrastructure financing landscape.

In a first-of-its-kind transaction for the industrial and warehousing InvIT segment, the Trust raised Rs 8.3 billion through a 20-year long-tenor bond issuance, anchored by the National Bank for Financing Infrastructure and Development (NaBFID). The transaction is among the longest-tenor and lowest-cost institutionally anchored debt issuances in the sector to date.

Commenting on the milestone, Ravi Swaminathan, Founder and Vice Chairman, TVS ILP, said, “This long-tenor bond issuance, extending up to the year 2046, is among the first of its kind in India’s industrial infrastructure space. It reflects our conviction in building durable, future-ready assets that are aligned with the country’s long-term developmental priorities. The structure and maturity of this investment resonate strongly with the Prime Minister’s vision for strengthening India’s infrastructure foundation as the nation advances towards India@100. Internally, we view this as a ‘Viksit Bharat Bond’, supporting sustainable growth and nation-building over decades.”

Samuel Joseph Jebaraj, Deputy Managing Director – Lending & Project Finance, NaBFID, said, “This investment is aligned with NaBFID’s mandate to support institutionally governed infrastructure platforms that contribute meaningfully to India’s sustainable economic development. We are pleased to partner with TVS Infrastructure Trust, given the strength of its operating platform, governance standards, and long-term vision, backed by the enduring legacy of the TVS Group.”

Rated AAA by ICRA, the 20-year bonds are priced at a competitive coupon rate of 7.42 per cent, reflecting strong asset-backed cash flows, conservative leverage and disciplined capital management. The issuance positions TVS Infrastructure Trust among the earliest InvITs to align long-duration institutional capital with industrial infrastructure assets.

The Trust plans to raise the remaining Rs 2.7 billion under Tranche II, subject to market conditions and strategic requirements.

Nitin Aggarwal, Chief Executive Officer, TVS Infrastructure Trust, said, “The capital raised through this issuance will enable a meaningful reduction in the Trust’s cost of debt while supporting the next phase of growth. As we work towards expanding our portfolio to 20 million square feet, we remain focused on deepening our presence in emerging Tier 2 and Tier 3 markets.”

Ramnath Subramaniam, Joint Managing Director, TVS ILP, added, “With this transaction, TVS Infrastructure Trust has reshaped the contours of long-term infrastructure financing, establishing itself as a benchmark issuer and a reference point for future InvIT debt issuances in India.”

Backed by a diversified shareholder base of over 150 investors, including global and domestic institutions, family offices, IFC and L&T, the Trust continues to attract strong institutional support, reinforcing confidence in its governance framework, operating platform and long-term growth strategy.

TVS Infrastructure Trust, an Infrastructure Investment Trust (InvIT) sponsored by TVS Industrial & Logistics Parks (TVS ILP), has successfully closed Tranche I of its Rs 11 billion Non-Convertible Debenture (NCD) programme, setting multiple benchmarks in India’s infrastructure financing landscape.In a first-of-its-kind transaction for the industrial and warehousing InvIT segment, the Trust raised Rs 8.3 billion through a 20-year long-tenor bond issuance, anchored by the National Bank for Financing Infrastructure and Development (NaBFID). The transaction is among the longest-tenor and lowest-cost institutionally anchored debt issuances in the sector to date.Commenting on the milestone, Ravi Swaminathan, Founder and Vice Chairman, TVS ILP, said, “This long-tenor bond issuance, extending up to the year 2046, is among the first of its kind in India’s industrial infrastructure space. It reflects our conviction in building durable, future-ready assets that are aligned with the country’s long-term developmental priorities. The structure and maturity of this investment resonate strongly with the Prime Minister’s vision for strengthening India’s infrastructure foundation as the nation advances towards India@100. Internally, we view this as a ‘Viksit Bharat Bond’, supporting sustainable growth and nation-building over decades.”Samuel Joseph Jebaraj, Deputy Managing Director – Lending & Project Finance, NaBFID, said, “This investment is aligned with NaBFID’s mandate to support institutionally governed infrastructure platforms that contribute meaningfully to India’s sustainable economic development. We are pleased to partner with TVS Infrastructure Trust, given the strength of its operating platform, governance standards, and long-term vision, backed by the enduring legacy of the TVS Group.”Rated AAA by ICRA, the 20-year bonds are priced at a competitive coupon rate of 7.42 per cent, reflecting strong asset-backed cash flows, conservative leverage and disciplined capital management. The issuance positions TVS Infrastructure Trust among the earliest InvITs to align long-duration institutional capital with industrial infrastructure assets.The Trust plans to raise the remaining Rs 2.7 billion under Tranche II, subject to market conditions and strategic requirements.Nitin Aggarwal, Chief Executive Officer, TVS Infrastructure Trust, said, “The capital raised through this issuance will enable a meaningful reduction in the Trust’s cost of debt while supporting the next phase of growth. As we work towards expanding our portfolio to 20 million square feet, we remain focused on deepening our presence in emerging Tier 2 and Tier 3 markets.”Ramnath Subramaniam, Joint Managing Director, TVS ILP, added, “With this transaction, TVS Infrastructure Trust has reshaped the contours of long-term infrastructure financing, establishing itself as a benchmark issuer and a reference point for future InvIT debt issuances in India.”Backed by a diversified shareholder base of over 150 investors, including global and domestic institutions, family offices, IFC and L&T, the Trust continues to attract strong institutional support, reinforcing confidence in its governance framework, operating platform and long-term growth strategy.

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